Initial jobless claims for the week ending July 10th came in at 429,000, vs. 450,000 expected.
This is better than expected, and beginning to move away from the 450,000 range we’ve been stuck around, but obviously still remains too high.
Most economists consider the 400,000 mark conducive with strong overall payrolls growth.
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA
In the week ending July 10, the advance figure for seasonally adjusted initial claims was 429,000, a decrease of 29,000 from the previous week’s revised figure of 458,000. The 4-week moving average was 455,250, a decrease of 11,750 from the previous week’s revised average of 467,000.
The advance seasonally adjusted insured unemployment rate was 3.7 per cent for the week ending July 3, an increase of 0.2 percentage point from the prior week’s revised rate of 3.5 per cent.
The advance number for seasonally adjusted insured unemployment during the week ending July 3 was 4,681,000, an increase of 247,000 from the preceding week’s revised level of 4,434,000. The 4-week moving average was 4,581,250, an increase of 22,000 from the preceding week’s revised average of 4,559,250.
The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.056 million.
The advance number of actual initial claims under state programs, unadjusted, totaled 513,347 in the week ending July 10, an increase of 44,855 from the previous week. There were 671,242 initial claims in the comparable week in 2009.
The advance unadjusted insured unemployment rate was 3.4 per cent during the week ending July 3, unchanged from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,367,712, an increase of 53,180 from the preceding week. A year earlier, the rate was 4.6 per cent and the volume was 6,173,940.